The Tim Hortons co-founder's heirs are challenging the property assessment of a luxury Nova Scotia resort that has been losing money for years, they say, and was keeping afloat thanks to the millions the tycoon restoration engulfed there before his death.
Fox Harb'r Resort in Cumberland County is in a dispute with Nova Scotia tax assessors.That is at the heart of a dispute between the Fox Harb'r Resort on the Northumberland Strait and Nova Scotia tax assessors.
The resort is not satisfied with a reduction in its 2020 assessment delivered by the Nova Scotia Assessment Appeal Tribunal last month. Ron Joyce, the billionaire co-founder of the Tim Hortons chain, developed the luxury resort. Joyce died in 2019. Managers for his heirs pared losses down to $1.5 million to $2 million a year, according to evidence filed in the appeal.A community asset, not an investmentJeff Cuzner, a commercial property tax director with the real estate services firm CBRE, filed a report on behalf of the Fox Harb'r appeal arguing no potential purchaser would "ever consider reproducing the subject as is given its location and fiscal performance.
They said a fairer estimate should be based on the sale value of eight other golf properties with accommodations in Nova Scotia and Prince Edward Island. "In addition to having accommodations unmatched by any other golf facility in the province, Fox Harb'r includes numerous amenities that none of the other properties can offer," PVSC lawyer Robert Andrews said in the tribunal appeal.It assessed the resort as one entity but used different methods — accommodations were assessed by income, while golf course costs were assessed by cost, lodge and real estate lots were assessed by direct comparison.
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